Yesterday saw the re-opening of Greek banks, after they were shut for three weeks. Although capital controls remain, restrictions on cash withdrawals have relaxed slightly allowing weekly withdrawals of €420 per transaction. Given Greece’s current bridging loan of €7 billion only lasting until the end of July, negotiations continue, with Greece pushing for further debt relief.
Little data was released from the Eurozone yesterday. We saw a Producer Price Index (PPI) from Germany coming out at -0.1%, against an expected 0%. Despite this negative data, the euro remained steady throughout the day. With no data released today, the real focus will be the sentiment ahead of Wednesday evening, when the Greek Parliament will vote on the conditions attached to the next package of financial aid.